Houston Rockets General Manager Daryl Morey announced today that the team has signed newly acquired guard James Harden to a multi-year contract extension. According to the Houston Chronicle, deal is for five years, $78.6 million.

“James Harden is the foundational-type player we have been looking to add,” said Rockets Owner Leslie Alexander. “He is a tremendous, young player with the ability and skill set to be an All-Star. He is ready to make the next move up to join the elite players in the NBA. As I said when we traded for James, he along with the mix of young players we already have in place, such as Jeremy Lin, Chandler Parsons and Omer Asik, gives us a solid group of young, talented players who will help get us back to a championship level.”